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U.S. crude stockpiles fall as imports drop, refinery rates rise: EIA

Published 11/23/2016, 11:16 AM
Updated 11/23/2016, 11:16 AM
© Reuters. Oil pump jacks are seen next to a strawberry field in Oxnard

By David Gaffen

(Reuters) - U.S. crude oil stocks fell last week after three straight weeks of builds as imports dropped and refineries hiked output, while gasoline inventories rose sharply amid weak demand, U.S. Energy Information Administration data showed on Wednesday.

Crude inventories

Crude oil prices were relatively steady after the data, as the market continues to ready for next week's meeting of the Organization of the Petroleum Exporting Countries.

U.S. crude futures (CLc1) oil rose 19 cents, or 0.4 percent, to $48.22 a barrel, while Brent crude (LCOc1) gained 15 cents, or 0.3 percent, to $49.27 a barrel.

U.S. crude imports

Refinery crude runs

Gasoline stocks

Gasoline demand over the past four weeks was 9.2 mln bpd, only 0.6 percent higher from a year ago.

"A solid build to gasoline inventories comes amid higher gasoline production and lower implied demand on the week," said Matt Smith, director of commodity research at ClipperData.

"On the whole, the report is a welcome distraction from OPEC talk, but fairly neutral on the whole."

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Distillate stockpiles

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